Barlow Respiratory Hospital $45.0 Million Series 2021A
February 24, 2021
|Cain Brothers, a division of KeyBanc Capital Markets Inc., closed $45.0 million of Revenue Bonds, for the California Municipal Finance Authority on behalf of Barlow Respiratory Hospital. The 2021 Bonds were issued for the purposes of: (i) construction, renovation, improvement and equipping of health care facilities owned and operated by the Borrower located in the City of Los Angeles, California, and (ii) to pay the costs of issuing the Bonds. The private placement structure allowed the Borrower to price and mitigate interest rate risk prior to receiving all of its necessary construction approvals from the California Office of Statewide Health Planning and Development. S&P Global Ratings, a business unit of Standard & Poor’s Financial Services LLC, has assigned the Bonds a rating of “BBB.”
The Barlow Respiratory Hospital is a hospital located in the Elysian Park neighborhood of Echo Park, near Dodger Stadium in Los Angeles, California. The hospital operates satellite sites in Van Nuys, California and in Whittier, California. Barlow is a national leader in weaning chronically critically ill patients from mechanical ventilation. Barlow is the only not-for-profit long-term care hospital in California and the destination of choice for medically complex and chronically critically ill patients referred to Barlow from intensive or critical care units at the finest hospitals in California. The interdisciplinary teams include board certified physicians, registered nurses and licensed therapists. Barlow’s goal is to achieve the best possible outcomes to recover and return home or discharge to lower levels of care.